While the entire crypto market is red, we must remember an important lesson. The crypto world has taught us that the downtrend is short-lived.
One only needs to look at any chart to see that the road to a Cardano all-time high (ATH) is always paved with extensive corrections and, from time to time, provides a chance for the smaller ones to join in with a Bear Market.
But when it all happens, irremediably, the ATH arrives. Ethereum is not going to die, and neither is Cardano. Both will find their former splendor again, but with a big difference. Cardano reached its ATH almost without having any relevant part of its network developed.
Smart Contracts, Decentralized Finance (DeFi), NFTs, exchanges, scalability, none of that existed when Cardano surpassed $3 per ADA. Today, the Cardano Blockchain has a real technological revolution that the market is not reflecting in the value of ADA because of the collapse of the crypto market.
When things return to normal, and Bitcoin reaches a new high, Cardano will be poised to compete with Ethereum for second place. For this, the possibility of migrating Ethereum projects to Cardano is fundamental, and therefore the Cardano-Ethereum bridge is more important than we think.
How does it work?
Investors and consumers interested in transferring USDC from the Ethereum blockchain to the Cardano blockchain can do so via Milkomeda as of May 29, 2022. The user can now join the Ethereum-based USDC in Milkomeda and transfer it to Cardano as a native Cardano asset. Users need at least four milkAda tokens in their wallets to perform an exchange. If a user doesn't have enough milkAda tokens, they can transfer ADA from any Cardano wallet to the EVM wallet and get their tokens that way.
Once the user gets the required tokens, he can go to the bridge page, connect his Cardano wallet with Nami or Flint wallets, choose Milkomeda C1 and send his ADA to the address provided.
Cardano Vasil Hard Fork
The news of Cardano's recovery precedes the highly anticipated Vasil upgrade, which is a hard fork expected to improve network performance and efficiency.
The Vasil test network will be available on Thursday, June 2, and the main network on June 29. The Vasil upgrade will be the most substantial network improvement since the Alonzo hard fork in September 2021. Already Charles Hoskinson had spoken a few weeks ago about the imminence of this upgrade.
While the 2021 Alonzo upgrade gave Cardano intelligent contracting capabilities, unlocking a variety of new DeFi use cases, the upcoming Vasil fork will supposedly improve the scalability and usability of the network. The fork improved Cardano regarding the Blockchain Trilemma.
Vasil will feature four suggested Cardano additions (Cardano Improvement Proposals), CIP31, CIP32, CIP33, and CIP40, which developers meant to rethink how to deliver Cardano's Plutus scripts to the blockchain. Together, the CIP updates are supposed to reduce transaction fees, improve network performance and decentralization, and solve the so-called "concurrency" problem that has severely affected the scalability of blockchain applications.
Cardano latest data
Cardano's 24-hour transaction volume was $9,570 million, putting it second only to Bitcoin and above Ethereum. Bitcoin (BTC), Cardano (ADA), and Ethereum (ETH) had 24-hour transaction volumes of $10.32 billion, $9.24 billion, and $2.52 billion, respectively, as of yesterday.
These numbers must have been a happy occasion for Hoskinson, who must be fed up with some critics of Cardano calling it a "phantom blockchain" at various times. It's hard to argue with the numbers, but FUD's extensive campaign against Cardano is a reality.
Those who are against Cardano and demonstrate their hatred by providing false and unfounded information are the same people who, a while back, said that investing in Cardano was foolish and that you had to focus on other projects like Terra/Luna.
The speed with which Terra/Luna pulled out all their technology without meeting the rigor of Cardano [pair reviewed] led to the tragic financial collapse that dragged down the entire crypto market.
But cryptocurrencies don't count losses. No one will admit that they don't know anything and all those who try to live off their crypto knowledge already deleted all their previous posts when they recommended Terra/Moon over Cardano. So, silently ADA Cardano's career against everything and everyone continues its relentless march.